Institutional — High Yield

The PIA High Yield strategy seeks to provide above average income and is benchmarked to the Bloomberg Barclay’s High Yield Index. The high yield asset class includes non-investment grade corporate debt and exhibits higher yields as a result of the lower creditworthiness associated with these companies. The asset class historically correlates more with equities than it does traditional fixed income making it a diversifier within a bond allocation and a potential valuable component within an overall portfolio due to its high income potential with lower volatility than equities.

PIA believes we can add value in the high yield space from our top-down decision-making, because we are willing to completely avoid industries that we believe do not warrant leveraged finance over the current business cycle. Additionally, we have the conviction to take added credit risk within industries that we favor. PIA also seeks to add value from our bottom-up security selection, driven by our disciplined, granular credit research, where we focus on a small number of issuers. We believe that our strengths are in our ability to blend top-down and bottom-up decision-making to produce a portfolio that offers attractive risk-adjusted yield.